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Brief Understanding on Foreign Trade Policy (2015-20)- Part III

EOU, EHTP, STP & SCHEME 1. EOU, EHTP, STP & SCHEME units are setup for their export of entire production of goods and services (except permissible sale in DTA) 2. They can import input & capital goods without payment of customs duty. 3. STP, EHTP, BTP scheme are similar to EOU schemes and provisions are […]...

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Posted Under: DGFT |

Brief Understanding on Foreign Trade Policy (2015-20)- Part II

EXPORT PROMOTION SCHEME EXEMPTION SCHEMES Duty exemption scheme Advance Authorisation Scheme Duty free import authorisation scheme (DFIA) Duty Remission Scheme Duty Drawback Scheme (DBK) Sec. 75 customs Duty Remission Scheme under Central Excise law not applicable REWARD SCHEMES 1. Merchandise Export from India Scheme (MEIS) 2. Service Ex...

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Posted Under: DGFT |

New Foreign Trade Policy 2021 – 26

The Ministry of Commerce & Industry has issued a press release dated 12 Jan 2021 to give a brief on Parliamentary Consultative Committee meeting of Commerce and Industry on which was held to discuss “New Foreign Trade Policy 2021-26”. Please find below excerpts form press release for your perusal: The meeting was chair...

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Posted Under: DGFT |

Brief understanding on Foreign Trade Policy (2015-20)- Part I

LEGISLATION ♣ Foreign Trade is regulated by ministry of commerce and industry. ♣ Director General of Foreign Trade handles full administration (DGFT). ♣ FTP is 5 years policy prepared under Foreign Trade Development & Regulation (D &R) Act 1992. ♣ Ministry and DGFT administered the FTP in formulation, control and superviso...

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Posted Under: DGFT |

Basics of Import

 Introduction: Export and Import trade is regulated by Directorate General of Foreign Trade (DGFT), it is a body functioning under the Ministry of Commerce and Industry, Department of Commerce, Government of India. DGFT is the regulator, promotor and facilitator of Import and Export. DGFT implements the policies and procedure from time t...

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Posted Under: DGFT |

Modify/Apply or Linking of existing IEC Digitally with New DGFT Website

Importer Exporter Code (IEC), is 10-digit code, however, after implementation of GST it is the PAN of the entity, with a lifetime validity issued by the Director General of Foreign Trade (DGFT) to the importer/exporter in terms of Para 2.12 of Foreign Trade Policy(FTP 2015-20) read with Para 2.08 of Handbook of Procedure....

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Posted Under: DGFT |

Step by Step process for RoDTEP Scheme

Step by Step process for RoDTEP Scheme -A step towards Zero Rating of exports- FTP Background: Foreign Trade Policy 2015-20 and other schemes provide promotional measures to boost India’s exports with the objective to offset infrastructural inefficiencies and associated costs involved to provide exporters a level playing field. Most of ...

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Posted Under: DGFT |

Appeal v Review v SCN: Chaos created by DGFT

Service Exports from India Scheme (SEIS) was introduced under the Foreign Trade Policy (FTP) 2015-20 with the objective to promote and encourage the export of services from India. Under this scheme, the exporters of notified services are rewarded at the rates specified under Appendix 3D. The incentive is provided in the form of a duty [&h...

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Posted Under: DGFT |

RoDTEP – A well Conceived & Intended Scheme but Badly Implemented Leading to Confusions

For Promotion of Exports India has Framed various types of Schemes to Rebate or Refund the Taxes. Currently available Schemes are Advance Authorization Scheme, Export Promotion Capital Goods Scheme (EPCG), Duty Drawback, EOU Scheme & SEZ Scheme. All these Export Promotion Schemes were framed under premise of Neutralizing Incidence of ...

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Posted Under: DGFT |

Role of Government Agencies in Export & Import

As we know that Exports play a major role in the economic development of a country. More the exports more will be the inward foreign remittance, more jobs & employment, lower current account deficit, and hence greater overall economic growth. Therefore, India needs to increase its export performance and grow worldwide. The Government ...

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Posted Under: DGFT |